posted a year ago
what is contract in business law?
what is contract in business law?
  • United States
  • Commercial and Business Law

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posted a year ago
"A contract is an agreement between two or more people that creates a legal obligation. The agreement can be written, oral, or implied. Contracts are used in business to create a legal relationship between the parties involved and establish each party's rights and obligations. For a contract to be valid, it must meet specific requirements. An essential requirement is that the parties must have the capacity to enter into a contract. This means they must be of legal age, have the mental capacity to understand what they are doing, and not be under undue influence from someone else. The terms of a contract must also be clear and definite."